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Our Bureau

Mumbai , Jan. 28

ASIAN Paints (India) Ltd reported a five per cent decline in its net profit at Rs 41.51 crore for the third quarter of 2003/2004 as compared to Rs 43.87 crore in the year-ago period.

"The prolonged monsoons and the very short festival season did impact the demand during an important selling

period. There has also been pressure on margins, on account of the increase in prices of raw materials,'' a company press release said quoting Mr Ashwin Dani, Vice-Chairman and Managing Director, Asian Paints (India) Ltd.

Net sales for this period increased by 1.3 per cent to Rs 450.28 crore (Rs 444.46 crore).

During the quarter, consumption of raw and packing materials cost Rs 214.62 crore (Rs 199.39 crore).

For the nine-month period, net sales for the company increased by 8.9 per cent to Rs. 1,323.36 crore as compared to Rs 1,215.06 crore in the year-ago period. Net profit registered an increase of 2.8 per cent at Rs 117.04 crore (Rs 113.81 crore).

The marginal profit growth for the nine-month period was mainly on account higher material cost for the paints division and lower contribution from the chemical business.

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